Politics · Philippines Bureau
Marcos calls for calm as peso sinks to fresh record low
President Ferdinand Marcos Jr. has urged Filipinos to remain composed as the Philippine peso weakened to an unprecedented level against the US dollar. The Chief Executive assured the public that authorities are implementing measures to stem further currency depreciation.
LSN Philippines ·
MANILA — President Ferdinand Marcos Jr. sought to reassure Filipinos on Wednesday amid growing concerns over the peso's sharp decline, which has pushed the currency to historic lows in recent trading.
The peso breached the 64-to-the-dollar mark, marking another record depreciation for the local currency. Despite mounting pressure on the exchange rate, Marcos emphasized that panic was unwarranted and called on the public to maintain confidence in the economy.
"The government is doing everything it can to prevent further depreciation," the President said, signaling that policymakers are actively monitoring the situation and preparing countermeasures. His statement underscored official efforts to stabilize the peso amid broader regional currency pressures.
The continued weakening of the peso reflects broader economic headwinds affecting the region, though the administration's reassurances suggested authorities have contingency plans in place. Marcos' comments were aimed at preventing panic-driven responses that could exacerbate the currency's slide.
The peso's depreciation carries implications for import-dependent sectors and individuals with dollar-denominated debts, making sentiment management a key priority for policymakers at this juncture.